Global brokerages bullish on Lupin a day after its con call; check out target

Shares of Lupin will be in focus on Thursday (August 8) after global brokerages raised their target price on the stock. The move comes a day after the company conducted analysts/investor meeting to discuss Q1FY25 numbers.

On Tuesday, after market hours, pharma major Lupin reported a 77 per cent increase in consolidated net profit at Rs 801 crore for the first quarter ended June 30, 2024, aided by robust sales across markets.

The Mumbai-based drug maker had reported a net profit of Rs 452 crore in the April-June quarter of the last fiscal year.

The total revenue from operations rose to Rs 5,600 crore for the first quarter, as against Rs 4,814 crore in the June quarter of FY24.

"We are on track for strong, sustainable growth and margin improvement backed by growth in sales, commercial and operating efficiencies, and a strong compliance story," said Nilesh Gupta, Managing Director, Lupin Ltd.

The company said its sales in North America stood at Rs 2,041 crore, up 28 per cent from Rs 1,590 crore in the first quarter of last fiscal.

India sales stood at Rs 1,926 crore in the first quarter, as against Rs 1,638 crore in the June quarter of the last financial year. 

What should investors do? 

CLSA upgraded the stock to 'hold' from 'underperform' and raised the target to Rs 1,950 from Rs 1,420. Further, Jefferies maintained a 'hold' and raised the target to Rs 1,900 from Rs 1,535.

Meanwhile, Goldman Sachs continued with a 'neutral' rating and raised the target to Rs 1,900 from Rs 1,775. Additionally, HSBC iterated 'hold' and raised the target to Rs 1,920 from Rs 1,860.

Lupin share price: Past performance

Shares of Lupin have gained over 84 per cent in a year against Nifty50's rise of 24 per cent. 

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